Benzinga and Yahoo Finance LLC can earn a committee or income on certain articles via the links below.
In a movement ready to reshape the landscape of digital assets of the United Kingdom, the Chancellor of the chessboard Rachel Reeves announced on Tuesday that cryptographic companies will soon face the same regulatory standards as traditional financial institutions.
Reeves, speaking at the World Summit of Innovative Finance in London, said its intention to “support the manufacturers” of the Fintech and Crypto space while ensuring strong consumer protections.
The new regulatory framework, which should become law later this year, aims to support legitimate cryptographic companies while introducing increased requirements for the transparency and safety of consumers. According to the Treasury, legislation is part of a broader strategy to encourage economic growth without compromising international standards.
Don’t miss:
“While the United Kingdom will always be attached to high international standards, I am determined that our regulatory framework supports economic growth,” said Reeves.
The announcement comes in the midst of growing interest in cryptocurrencies across the United Kingdom. According to the Financial Conduct Authority, around 12% of British adults now have or have cryptocurrency, against only 4% in 2021. However, the sharp increase in adoption has aroused concerns.
Reeves’ remarks follow her recent visit to Washington, where she met the US Treasury Secretary Scott Bessent to discuss not only a potential trade agreement but also transatlantic cooperation on cryptographic regulations. The British Treasury said the two parties agree on the importance of coordinating regulatory efforts to support the growth of the responsible sector.
“For the United Kingdom to be a world leader in digital assets, international cooperation is vital,” said on Tuesday, adding that other talks are scheduled for June as part of an American / British regulatory working group.
Trend: New in crypto? Get up to $ 400 in awards for having successfully completed short education lessons and doing your first qualification trade on Coinbase.
Legal experts welcomed the Chancellor’s announcement. Nick Price, a lawyer for cryptography and financial services in Osborne Clarke, was cited in media relationships that the idea “explicitly aligns the United Kingdom with the American approach” and marks “a divergence” of the more personalized cryptographic regulations of the European Union.
